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No, FDIC insurance applies to account owners, not accounts. Fun fact, if you're married, you can actually turn that into 3 * FDIC insurance limit. - Account 1
by x3n0ph3n3 4y ago
No, FDIC insurance applies to account owners, not accounts.
Fun fact, if you're married, you can actually turn that into 3 * FDIC insurance limit.
- Account 1: You
- Account 2: Your spouse
- Account 3: Jointly you and your spouse
- paulclinger 4y agoEven more: single, joint, retirement, revocable and irrevocable trust accounts all fall into different categories and are insured independently for each account owner in each bank (the joint account is 250k for all co-owners): https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/ https://www.fdic.gov/resources/deposit-insurance/financial-p...
- edulix 4y agoOr you could hold short-term t-bills for any extra money over the FDIC insurance limit. Then you are good unless the US Gov goes bankrupt, which is a non-zero risk but much lower and different.
- tome 4y agoYes, I don’t understand what systemic forces are making this not the standard practice.
- phone8675309 4y agoSVB and its depositors most likely felt that SVB was too big to fail and that the government would just bail them out